Public statement relating to Settlement Agreement between the Central Bank of Ireland and Bray Credit Union Limited

• Date: 06 December 2016

1

Settlement Agreement between the Central Bank of Ireland

and

Bray Credit Union Limited

The Central Bank of Ireland imposes a fine of €98,000 on Bray Credit Union Limited for breaches of

the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010

The Central Bank of Ireland (the “Central Bank”) has fined Bray Credit Union Limited (“Bray Credit

Union”) €98,000 and reprimanded it for breaches of the Criminal Justice (Money Laundering and

Terrorist Financing) Act 2010 (the “CJA 2010”). All of the breaches (save for one) persisted for 5 years

and 7 months, and have been admitted by Bray Credit Union.

The CJA 2010 requires all credit and financial institutions to adopt and implement adequate policies

and procedures appropriate to their business to prevent and detect the commission of money

laundering and terrorist financing.

The Central Bank’s investigation found that all of the breaches (save for one) occurred from the

enactment of the CJA 2010 on 15 July 2010 to February 2016 and represented significant failings in

Bray Credit Union’s anti-money laundering/countering of the financing of terrorism (“AML/CFT”)

framework and procedures. In particular, the breaches involved widespread failings in the following

areas: